Property profile

303 21st St Newport, MN 55055

OFF-MARKET
Office buildings
Property ID
US46-0460777
24,447 SF 0.79 ac lot Built 1922
Entity Owned Absentee Owner Free & Clear
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Property summary

AI-generated overview

This two-story, 21,800 square foot commercial building at 303 21st St, Newport, MN 55055, offers diverse office spaces ideal for various businesses. Located in the Washington County submarket (Newport/Cottage Grove cluster), this Class C property boasts a convenient location near Newport's new city hall and off Highway 494, ensuring high visibility and accessibility. Built in 1954 and renovated in 2009, the building features 25 suites, with four currently available, ranging from 668 to 1,850 contiguous square feet. The minimum divisible space is 668 square feet. The building includes a total of 34 parking spaces and an open atrium at the main entrance, enhancing the welcoming atmosphere. Security features include a camera system and automated access control at the main entrance. The building's diverse tenancy includes a US Post Office, providing excellent exposure and foot traffic. Other tenants represent a variety of services, including tax services, chiropractic, cosmetics, tattoo, logistics, dental, pet accessories, and mechanical contractors. The building is well-maintained and offers 8-foot ceilings. Utilities are provided by Xcel Energy. The property sits on one acre of land and is zoned MX-2. While there are no elevators, the building's two stories are easily accessible. This property presents a valuable opportunity for businesses seeking a well-located, versatile, and established office space in a thriving community.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING
Year built 1922
Total area 24,447 SF
Lot 0.79 ac (34,460 SF)
APN 26-028-22-41-0034
UPID US46-0460777

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Shopping Center & Mall
  • General Contractor
  • Social Service Agency Charitable Organization
  • High School Vocational School
  • Auto Repair Shop (Bike/Boat/Book/etc) Store

Location

303 21st St Newport, MN 55055-1094
Newport metro Census 71003 MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.85M
Blend (final) Blend
$515k

Owner & transaction history

Zoning & alternative use

Top alternative use upside
Commercial (general) $4.3M +16.3%
Retail stores $4.3M +15.1%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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